Campine antimony trioxide revenue surges on supply squeeze

Campine

Campine antimony trioxide revenue hit record levels in 1H25. The Campine antimony trioxide revenue jump followed Chinese export controls and tight concentrate supply. The Campine antimony trioxide revenue uplift came with EBITDA almost tripling year on year. This confirms Campine antimony trioxide revenue momentum despite softer spot demand since mid-June.

Prices, policy and supply squeeze

Global ATO prices spiked after China imposed export controls in September 2024. Prices had already been high on chronic concentrate shortages. As a result, Campine’s 1H25 revenue rose to €384mn from €170mn. EBITDA reached €53.4mn, up from €26.8mn. Specialty chemicals revenue, including ATO and masterbatches, rose nearly 300pc to €293mn. Prior diversification away from Chinese metal improved resilience and margins.

Outlook, risks and compliance posture

Management guides to a record year with EBITDA likely above €80mn. However, prices have eased since mid-June on weaker spot buying and better availability. Therefore, changes to Chinese export rules or US import policy could quickly shift outcomes. Campine also addressed media allegations of indirect resale to Russia. The firm says it ended Russian sales in March 2022 and is reviewing enhanced compliance with external counsel.

The Metalnomist Commentary

ATO remains a strategic bottleneck across flame retardants and specialty polymers. Short-term price cooling does not erase structural tightness in concentrates and refining. Watch policy risk and substitution trends as key swing factors for late-2025 margins.

China’s Antimony Metal Output Edges Up in 2024 Amid Tight Concentrate Supply

Aantimony

China's Antimony Production Faces Challenges Due to Limited Resources and Export Controls

China's Antimony Metal Production in 2024 Shows Modest Growth

China's antimony metal output saw a slight increase in 2024, with production reaching 66,534 tons, a modest 0.5% rise from the previous year. Despite this increase, the output remained relatively stable since 2021. The tight supply of antimony concentrate over the past few years has played a significant role in limiting production growth. According to data from the China Nonferrous Metal Industry Association, the slight rise in antimony metal output reflects a delicate balance of supply and demand, influenced by both domestic resource depletion and restrictions on concentrate imports.

Decreased Antimony Trioxide Production and Weaker Demand

In contrast to the increase in antimony metal production, China's production of antimony trioxide, a compound used primarily in flame retardants, decreased by 4.8% in 2024. The total production of antimony trioxide fell to 91,700 tons. Weaker demand from the flame retardant industry has been a primary factor in this decline, illustrating the ongoing challenges faced by the antimony sector. These developments suggest that while antimony metal output remains stable, the market for certain antimony products is facing a contraction.

Export Controls and Global Price Surge: Anticipated Decline in 2025

Looking ahead to 2025, China's antimony production is expected to remain mostly steady or potentially decline. This forecast is influenced by several factors, including low operation rates maintained by producers in recent years, diminishing domestic resources, and tight import restrictions on antimony concentrate. The situation has been exacerbated by export controls imposed on antimony since September 2024, which have limited the availability of the metal outside of China. Consequently, global antimony prices have surged to double the price of China's domestic antimony, narrowing the price gap. This price disparity may further restrict the availability of concentrate for Chinese smelters and reduce production as concentrate from countries like Myanmar and Tajikistan is increasingly diverted to international markets where prices are significantly higher.

Hunan Gold Antimony Output Falls as Ore Supply Tightens in China

Hunan Gold

Hunan Gold antimony output fell sharply in 2025 as China’s domestic ore availability weakened and overseas feedstock flows shifted toward non-Chinese smelters. The major Chinese antimony producer reported 22,998t of antimony products during the year, down 21% from 29,209t in 2024.

The decline continues a multi-year downward trend. Hunan Gold antimony output was also below 31,005t in 2023, 30,715t in 2022 and 39,310t in 2021, showing how resource depletion and feedstock competition are weighing on Chinese production.

Hunan Gold antimony output matters because China remains central to global antimony supply, while antimony is increasingly important for flame retardants, military applications, lead alloys, batteries, cables and strategic industrial uses. Lower output from a major Chinese producer reinforces concerns over tightening availability.

Resource Depletion and Import Competition Reduce Feedstock Access

China’s domestic antimony resources have continued to decline after years of over-exploitation. This has limited ore availability for smelters and placed more pressure on producers that depend on both domestic mines and imported feedstock.

Import supply has also become more difficult. Key overseas ore suppliers have diverted more material to smelters outside China, where buyers are willing to pay higher prices to secure supply.

This shift reflects firmer global antimony prices after China imposed stricter dual-use item export controls. The policy tightened ex-China availability and encouraged foreign buyers to compete more aggressively for ore and intermediate supply.

The result is a structural squeeze for Chinese antimony producers. They face declining domestic resources, stronger competition for imported ore and a more fragmented international feedstock market.

Product Mix Shows Pressure Across Antimony Chain

Hunan Gold’s 2025 antimony production included 5,823t of antimony metal, 9,524t of antimony trioxide, 4,842t of sodium antimonate, 2,506t of ethylene glycol antimony and 303t of antimony oxide masterbatch.

Antimony trioxide remained the company’s largest antimony product by volume. It is widely used in flame retardant systems, making it important for plastics, electronics, textiles and industrial safety applications.

Antimony metal remains strategically important for alloying and defense-linked uses. Sodium antimonate and ethylene glycol antimony also support downstream chemical and industrial applications, linking ore supply constraints to multiple end markets.

Hunan Gold also produced 61t of gold in 2025, up 32% from a year earlier, while tungsten concentrate output fell by 10% to 908t. This shows that the company’s broader metals portfolio performed unevenly, with antimony facing the clearest supply-side pressure.

The Metalnomist Commentary

Hunan Gold’s lower output shows that China’s antimony position is being squeezed from both sides: depleted domestic resources and stronger overseas competition for ore. For global buyers, the key risk is that export controls and falling Chinese output reinforce each other, keeping antimony supply tight.

China's Antimony Market Faces Weak Demand but Tight Supply in 2025

China antimony

Antimony Prices to Remain High Amid Supply Constraints

China's antimony market is bracing for a dual challenge in 2025: a decline in demand driven by export restrictions, substitution efforts, and slowing solar glass industry growth, coupled with persistent supply tightness due to global resource depletion. These dynamics suggest that while demand-side pressures may lead to short-term price fluctuations, antimony prices are unlikely to drop significantly from their recent record highs.

Export Controls Limit Overseas Sales

Since late August 2024, antimony prices in China’s domestic market have softened slightly, falling from approximately Yn164,000/t to Yn140,000-142,000/t ex-works for 99.65% grade antimony metal. This decline follows export restrictions that have curbed overseas demand, forcing more material into the domestic market.

Market observers remain cautious about additional trade barriers, as critical minerals like antimony are increasingly entangled in geopolitical tensions. In 2021-2022, China produced 20,000t of antimony metal and exported 2,700t, while antimony trioxide production reached 29,600t, with 12,400t exported.

Substitution Pressures Threaten Antimony Demand

Antimony's dominant role in flame-retardant applications has long been challenged by substitute materials such as tin dioxide, cerium dioxide, magnesium hydroxide, and certain rare earth compounds. The World Health Organization (WHO) classifies antimony trioxide as a probable carcinogen, prompting some European countries to restrict its use in consumer products like toys, electronics, and cosmetics.

With antimony prices still elevated—hovering well above Yn90,000/t, the level many buyers in the flame-retardant industry consider viable—substitution pressures are expected to rise. However, complete replacement is unlikely, as antimony-bromine flame retardants remain unique in preserving plastic structure, unlike most alternatives. Plastic manufacturers are likely to continue using antimony-bromine compounds as long as bromine prices remain low.

Solar Glass Industry Slowdown May Curb Demand

The solar glass sector, a key growth driver of antimony demand, has been a major consumer of sodium pyroantimonate, a refining agent. Consumption surged from 22,000t in 2022 to 30,000t in 2023, but demand has slowed since July 2024 due to overcapacity concerns.

In November 2024, the Chinese government tightened photovoltaic manufacturing regulations, shifting the focus from rapid expansion to technological innovation and quality improvements. This policy change is expected to curb antimony demand from the photovoltaic (PV) industry in 2025.

Tight Concentrate Supply to Prevent Major Price Declines

Despite weakened demand, China's antimony prices are unlikely to return to 2022-2023 levels due to ongoing supply constraints. Since November 2024, Chinese antimony metal producers have been reluctant to cut prices, citing concentrate shortages as their primary concern.

To compensate for declining domestic reserves, China increased antimony concentrate imports by 44% year-on-year, reaching 45,136t from January to October 2024, according to customs data. However, low metal content (20-30%) in these imports has limited their effectiveness.

China’s annual metal content production of antimony fell from 6,000-8,500t pre-2020 to 3,500-4,100t in 2021-2023, reflecting severe resource depletion. 2024 production is estimated at 4,500t, with no significant rebound expected in 2025.

Conclusion

China's antimony market is caught between declining demand and supply shortages. While export restrictions, substitution risks, and a slowdown in solar glass production threaten consumption, resource depletion and low-grade imports will keep supplies constrained. As a result, antimony prices are expected to remain elevated despite short-term volatility.

US Antimony Bolivia Processing Facility Expands the Western Antimony Supply Chain

US Antimony, Bolivia plant

The US Antimony Bolivia processing facility could strengthen one of the West’s most constrained critical mineral chains. US Antimony said it helped develop a hydrometallurgical facility in Bolivia to refine antimony and other critical minerals at commercial scale. The company will be the sole recipient of processed antimony flake from the site. As a result, the US Antimony Bolivia processing facility may become an important upstream support point for western antimony supply.

This development matters because antimony remains strategically sensitive and commercially tight. US Antimony expects the higher-quality flake from Bolivia to raise throughput at its Thompson Falls smelter in Montana. The company plans to receive an initial 150-metric-tonne shipment in February or March. Therefore, the US Antimony Bolivia processing facility is not just a technology project. It is already linking directly to near-term metal and trioxide production.

The agreement also gives US Antimony more than supply access. The company secured the exclusive right to duplicate the Bolivian hydrometallurgical process in North America and Australia. That means the US Antimony Bolivia processing facility could serve as a template for wider regional expansion. Consequently, the project may help create a more scalable western antimony processing model.

Hydrometallurgical Antimony Processing Offers a Faster Route to Capacity Growth

Hydrometallurgical antimony processing is becoming the most important strategic feature of this deal. US Antimony said the Bolivian facility expanded output 15-fold since it began funding the site in mid-2025. That rise suggests the processing route can scale quickly when supported with capital and feedstock. As a result, hydrometallurgical antimony processing may offer a more flexible alternative to slower traditional capacity build-outs.

The feedstock base also supports the project’s commercial relevance. The facility uses stibnite concentrate or tetrahedrite concentrate to produce antimony. That flexibility matters because diversified feed options can improve plant utilisation and reduce procurement risk. Meanwhile, the company noted that similar methods and equipment could also refine other critical minerals. Therefore, the process may carry broader value beyond antimony alone.

This model fits the current strategic environment in critical minerals. Governments and processors increasingly want smaller, faster, and more adaptable refining assets. Large mining projects still matter, but midstream processing gaps often create the real bottlenecks. Consequently, hydrometallurgical antimony processing may attract stronger attention from both policymakers and investors.

Western Antimony Supply Chain Ambitions Are Moving Toward Domestic Replication

Western antimony supply chain strategy now appears to be shifting from dependence toward duplication. US Antimony said it expects to develop one or more hydrometallurgical facilities in the United States in the near future. Those sites would likely be located in the western continental US and or Alaska. Therefore, the company is clearly aiming to regionalise the process rather than rely on Bolivia alone.

Funding plans reinforce that ambition. US Antimony requested $44mn from the US Department of Energy for a US hydrometallurgical facility. It also plans to seek Department of Defense support for another location near Montana. That combination suggests the company sees antimony as both a commercial opportunity and a strategic materials priority. As a result, the western antimony supply chain could gain a stronger domestic processing base if funding is secured.

The broader implication is significant for critical minerals markets. Antimony has often been discussed as a supply risk, but less often as a processing challenge. This project changes that framing by focusing on conversion capacity and material quality. If US Antimony can replicate the Bolivian model successfully, it may move from being a niche processor to a more important builder of western antimony supply resilience.

The Metalnomist Commentary

This story matters because it is about process control as much as metal supply. US Antimony is trying to turn one successful hydrometallurgical model into a repeatable western platform. If that strategy works, antimony could become a rare example of a critical mineral chain that improves through midstream replication rather than waiting for major new mines.

ReElement South African Antimony Contract Extension Strengthens Defense Supply Chain

ReElement

ReElement South African antimony contract received a significant extension as American Resources and its subsidiary ReElement Technologies expanded their existing five-year antimony agreement to ten years with an undisclosed South African mineral supplier. The ReElement South African antimony contract extension positions the US company to process 500 metric tonnes monthly of stibnite ore initially, with expected revenues of at least $29 million annually from contracted volumes, addressing critical supply chain vulnerabilities following China's antimony export restrictions.

Strategic Timing Capitalizes on Chinese Export Restrictions

ReElement South African antimony contract expansion comes at a critical juncture following China's December 2024 ban on antimony exports to the United States, alongside germanium and gallium restrictions. The partnership initially targets 1,000 metric tonnes per month of antimony-bearing ore with potential for significant volume expansion based on market demand and offtake agreements. ReElement confirmed the ore quality exceeds 50% antimony concentration, indicating high-grade material suitable for defense and commercial applications.

Meanwhile, ReElement demonstrated advanced refining capabilities achieving greater than 99.7% pure antimony(III) sulfide from antimony ore at its central Indiana facilities. The company will process stibnite ore into ultra-pure antimony(III) sulfide or antimony(III) oxide using proprietary refining technology. These compounds serve critical applications in ammunition production, missile manufacturing, flame retardants, batteries, and solar panels across defense and commercial sectors.

Market Fundamentals Support Long-Term Growth Strategy

However, the global antimony(III) oxide market provides substantial growth opportunities with 2023 valuations reaching approximately $852 million. Market analysts project compound annual growth rates of 4.9% through 2034, potentially reaching $1.43 billion total market value. Antimony trisulfide applications in military ammunition and antimony trioxide usage in flame retardants drive sustained demand across defense and commercial markets.

Therefore, the ten-year agreement with automatic renewal provisions supports long-term supply agreements while generating stable revenue streams for ReElement's operations. Initial tolling revenues from the first phase are projected to exceed $29 million annually, with substantial growth potential aligned with rising domestic demand for critical minerals. The extended contract duration delivers enhanced value for all stakeholders including commercial and defense customers requiring secure antimony supplies.

Domestic Processing Capabilities Address National Security Priorities

Furthermore, ReElement's antimony refining expansion aligns with broader US critical minerals supply chain security initiatives. The company operates as part of American Resources Corporation's integrated approach to critical mineral processing, focusing on rare earth elements, lithium, and now antimony refining capabilities. ReElement's Marion, Indiana facility provides the foundation for scaling antimony operations while evaluating additional domestic and international processing sites.

As a result, the partnership addresses urgent national security requirements for domestically produced antimony compounds essential to defense applications. Mark Jensen, CEO of American Resources and ReElement, emphasized the strategic importance: "China's recent ban on exports of antimony, germanium and gallium accelerated this opportunity, allowing us to showcase the versatility, scalability and flexibility of our technology on a global scale - filling the supply gap now present in the United States and other allied nations."

The Metalnomist Commentary

ReElement's antimony contract extension exemplifies how US critical minerals companies capitalize on Chinese export restrictions to establish alternative supply chains, particularly important given antimony's essential role in defense applications where supply security outweighs cost considerations. The partnership's focus on high-grade South African ore combined with domestic processing capabilities creates a vertically integrated approach that addresses both economic and national security objectives in the evolving critical minerals landscape.

China’s Antimony Export Restrictions Reshape Global Supply and Prices

Antimony

China’s antimony export restrictions tightened in June, choking overseas flows and straining supply chains. As China’s antimony export restrictions intensified, shipments of metal and trioxide collapsed year on year. The policy shift underscores Beijing’s firmer control over strategic critical minerals.

Exports collapse across products

Antimony metal exports plunged to 20t in June, all to South Korea. A year earlier, flows reached 153t. First-half exports fell 84pc to 267t from 1,720t last year. Meanwhile, antimony trioxide exports slid to 87t in June from 3,228t a year earlier. June volumes went to Egypt, Kazakhstan, Thailand, and Vietnam.

Policy crackdown sustains price strength

China suspended gallium, germanium, and antimony exports to the US in December 2024. The US had taken one-third of China’s trioxide exports in 2023. Beijing then vowed a continued crackdown on smuggling of strategic minerals on 19 July. As a result, European prices held at multi-year highs in Rotterdam. Regulus grade II metal and trioxide grade traded around $58,000-60,000/t duty unpaid. The geographic shift in stocks further tightened access for downstream users.

The supply squeeze reflects new compliance hurdles and tougher licensing reviews. Traders report slower approvals and narrower eligible end uses. Flame retardant and alloy producers face longer lead times and higher working capital. Therefore, buyers diversify toward non-Chinese feedstock where possible. Still, China’s antimony export restrictions remain the defining market driver.

The Metalnomist Commentary

Tighter Chinese controls have reset the antimony trade’s risk premium. Prices should stay elevated while enforcement curbs leakages and re-exports. Watch European restocking patterns and US substitution to gauge demand resilience.

Japan Minimizes Concerns Over China's Antimony Export Controls

Japan's industrial sector is largely unphased by China's upcoming export restrictions on antimony, set to take effect on September 15. Thanks to proactive diversification of procurement sources, Japanese producers expect only a limited impact. While some in the market predict a rise in antimony prices ahead of the new regulations, there is no widespread panic.

China, the world’s largest producer of antimony, announced its decision to include antimony and related products in its export licensing scheme. Despite this, Japanese manufacturers have been preparing for such an eventuality by sourcing antimony from multiple Southeast Asian countries. "We have long been hedging the supply source risk," a Japanese market insider told Metalnomist, emphasizing the importance of not relying solely on China.

Japanese producers are also bolstering their stockpiles by increasing purchases from broader parts of the Southeast Asian market, with an eye on a potential supply crunch. This strategic move has already triggered a rise in the prices of antimony trioxide and ingots, with further increases anticipated as the export restrictions draw nearer.

However, not all Japanese producers are convinced that prices will continue to rise. Some believe that market demand will be the ultimate determining factor, drawing parallels to the drop in gallium prices following a similar Chinese export control announcement in July 2023.

Currently, Japan's domestic demand for antimony remains stable but low, with little sign of recovery. While some experts predict a rebound in the manufacturing sector, including electronics and industrial machinery, later this year, the antimony industry itself is more cautious.

In the first half of 2024, China supplied about 44% of Japan's total antimony in block or powder form, with Vietnam and Thailand contributing 26.9% and 16%, respectively. China's dominance was even more pronounced in the antimony trioxide market, where it accounted for 87% of Japan’s imports.

Perpetua Resources Advances Plans for US Antimony Supply Chain Amid Rising Geopolitical Tensions

Perpetua Resources

Perpetua Resources is forging partnerships and conducting feasibility testing to establish a domestic antimony supply chain in the US, as China's export suspension amplifies the need for local sourcing.

Developing a US-Based Antimony Supply Chain

Idaho-based Perpetua Resources is taking significant steps to establish a domestic antimony supply chain by partnering with Sunshine Silver Mining and Refining and conducting metallurgical testing with US Antimony (USAC). The move comes at a critical time as the US grapples with the implications of China’s suspension of antimony exports, which began on December 3, 2024.

Antimony, a critical mineral essential for flame retardants, batteries, and defense applications, has seen rising demand amidst global supply chain vulnerabilities. Perpetua’s efforts are centered on its Stibnite Gold Project in Idaho, the only domestic reserve of antimony in the US, containing an estimated 148 million pounds (67,130 tonnes). During its first six years of operation, the project is expected to meet approximately 35% of US antimony demand.

Testing Partnerships for Processing Feasibility

To advance its vision, Perpetua has initiated:

• Feasibility testing with Sunshine Silver Mining and Refining at the Sunshine Mine Complex, also located in Idaho. Third-party engineers are developing a flowsheet to optimize the processing and refining of antimony from various ore types.

• Metallurgical testing with Montana-based USAC, where Perpetua is providing antimony concentrate samples from Stibnite to determine the specifications needed for commercially viable antimony products.

These partnerships are key to ensuring that the Stibnite Gold Project can support a fully domestic supply chain for antimony, reducing reliance on foreign imports.

Geopolitical Drivers and Market Implications

The urgency for a domestic supply chain has intensified following China’s decision to halt antimony exports to the US. Between January 2022 and October 2024, the US imported:

• 15,665 tonnes of antimony metal from China, representing 22% of total imports.

• 55,506 tonnes of antimony trioxide, accounting for 69% of total imports.

China's export suspension highlights the strategic importance of Perpetua’s efforts, as the US seeks to secure access to critical materials amid escalating geopolitical tensions.

Conclusion

Perpetua Resources’ initiatives, supported by partnerships with Sunshine Silver and USAC, position the company as a cornerstone of America’s critical mineral strategy. With the Stibnite Gold Project poised to reduce the nation’s dependency on foreign antimony, Perpetua is aligning itself with the growing demand for supply chain security in the face of global uncertainties.

Campine Gains Ground Amid Global Antimony Shortage

Campine

Reduced Dependence on China Shields Belgian Producer as Export Controls Disrupt Market

Campine’s Antimony Trioxide Sales Surge on Global Supply Disruption

Belgium-based Campine has reported a strong rise in both sales volume and revenue for 2024, fueled by tight global antimony supply and China’s export controls. As one of the largest antimony consumers outside China, Campine benefited from its early strategy to reduce dependence on Chinese suppliers.

Sales in Campine’s specialty chemicals division, which includes antimony trioxide (ATO), flame retardant masterbatches, and recycled polymers, rose 6% year-on-year to 22,000 tonnes. The company credited this growth primarily to rising overseas demand for ATO.

Revenue and Profitability Climb Despite Raw Material Challenges

Campine’s total revenue increased by 13%, reaching €365 million ($397 million), up from €322 million in 2023. EBITDA also saw a notable jump, growing from €26.8 million to €41.7 million. This performance came amid record-high antimony prices, driven by a global concentrate shortage and China's export restrictions introduced in September 2024.

Unlike many competitors, Campine faced limited disruption. “We deliberately reduced our antimony metal purchases from China,” said CEO Wim De Vos. “We went from 80% reliance in 2017 to less than 5% in the first half of 2024.”

Strategic Diversification and Recycling Boost Market Share

This shift helped Campine secure more overseas market share in the ATO segment, traditionally dominated by Chinese supply. In addition, expanded recycling capabilities have further insulated the company from raw material risks. With an annual consumption of 10,000–12,000 tonnes, Campine stands as the world’s largest antimony user outside of China.

The company has passed increased metal costs onto consumers. However, it remains concerned about potential demand erosion in the flame retardant sector due to elevated prices.

Demand remains strong in early 2025, but sourcing raw antimony continues to be challenging. “Meeting this rising demand is complicated by the continued scarcity of supply,” Campine stated.

China Antimony Metal Output Drops Amid Concentrate Shortage

China Antimony

Smelters Struggle as Imports and Production Plunge

China antimony metal output declined sharply in the first quarter of 2025 due to a persistent concentrate shortage. Production fell to 11,831 tonnes, down 27% from the previous year, according to the China Nonferrous Metal Industry Association. This China antimony metal output decrease highlights tightening global ore availability and intensifying smelter constraints.

Concentrate supplies have been redirected away from China due to higher global prices and export controls. As a result, Chinese imports of antimony concentrate dropped 56% year-on-year to 9,557 tonnes. The depletion of domestic ore and environmental restrictions on smaller mines further reduced supply. These constraints have directly impacted China antimony metal output, limiting both primary metal and trioxide production.

While March saw a temporary uptick in metal output to 5,090 tonnes, the broader trend remains negative. Antimony trioxide output in March fell 11% year-on-year, and Q1 production dropped 19% to 18,328 tonnes. Global smelters outside China are capitalizing on diverted supply from Myanmar and Australia, which further strains Chinese output. Therefore, the ongoing China antimony metal output drop signals a structural shift in global antimony supply chains.

The Metalnomist Commentary

China’s declining antimony metal output underscores the geopolitical and geological fragility of critical mineral supply chains. With concentrate flows shifting and domestic resources dwindling, downstream industries may need to diversify sourcing strategies quickly.

USAC Boosts Antimony Supply Chain with Australian Ore for Mexico Smelter

US Antimony

Texas-based US Antimony (USAC) has announced a strategic move to secure antimony (Sb) ore shipments from Australia, aiming to revitalize its Madero Antimony Smelter in Mexico. This initiative comes as the smelter plans to restart operations in March 2025, following a closure since March this year.

Strategic Import to Overcome Supply Challenges

The first batch of antimony ore sourced from Australia is scheduled to arrive at the west coast port of Manzanillo, Mexico, in March 2025. While USAC has not disclosed the initial volume or the supplier, the company anticipates a steady import rate of 300 tonnes per month as it familiarizes itself with the ore's chemical and metallurgical properties.

This import strategy is part of USAC's broader effort to diversify its supply sources. Historically reliant on imports due to the lack of domestic antimony mining, USAC's move is timely, especially following China's recent suspension of antimony exports to the US, a decision that has significantly impacted global supply chains.

Revitalizing Operations Amid Market Shifts

The decision to restart the Madero Smelter is a turnaround from March, when USAC had discontinued its operations in Mexico due to financial underperformance and ongoing negative cash flows. However, with antimony fundamentals strengthening and the necessity to secure non-Chinese antimony sources, USAC is positioning itself to capitalize on these new market dynamics.

USAC remains the only company in the US that produces primary antimony using imported feedstock, a critical factor given the recent geopolitical tensions affecting metal imports. The US heavily relies on imported antimony, with significant quantities previously sourced from China. According to Global Trade Tracker data, the US imported 15,665 tonnes of antimony metal from China from January 2022 to October this year, which accounted for 22% of US imports over the period, while antimony trioxide imports from China totalled 55,506 tonnes, making up 69% of the total.

Hunan Gold Reports Higher Antimony Output in First Half of 2024

Hunan Gold

Hunan Gold, one of China’s largest antimony producers, has posted higher antimony production in the first half of 2024, aligning with its increased production targets. Formerly known as Hunan Chenzhou Mining, the company achieved a 6% year-on-year increase in antimony output, reflecting the firm's efforts to meet growing demand amidst supply challenges in China.

Production Breakdown

From January to June, Hunan Gold produced 15,147 tonnes of antimony products, compared to 14,297 tonnes during the same period in 2023. The breakdown includes 3,644 tonnes of antimony metal, 7,293 tonnes of antimony oxides, 2,903 tonnes of sodium antimonate, 1,168 tonnes of ethylene glycol antimony, and 139 tonnes of antimony oxide masterbatch.

China’s total antimony metal output for the same period was 33,538 tonnes, up from 30,544 tonnes a year earlier, while antimony trioxide production rose by 3%, reaching 48,447 tonnes, according to data from the China Nonferrous Metals Industry Association (CNMIA).

Challenges in Ore Supply

China’s antimony resources have been facing depletion after years of overexploitation. This has resulted in declining ore grades at key deposits owned by Hunan Gold and Hsikwangshan Twinkling Star. The ore shortages have driven prices for 99.65% grade antimony metal to historic highs, with prices reaching 163,000-165,000 yuan per tonne ($22,864-$23,144) as of August 22. Looming export controls have further fueled strong market prices, as sellers hold firm.

Hunan Gold also reported mixed results in the production of other metals during the first half of the year. The company produced 27 tonnes of gold, down 3% year-on-year, but significantly increased its tungsten concentrate output by 67%, producing 490 tonnes.

US Antimony tungsten project in Canada advances with Fostung acquisition

Transition Metals

US Antimony tungsten project in Canada gains momentum with the Fostung purchase. The company expands into tungsten amid tightening supply. This US Antimony tungsten project in Canada targets quick, cost-effective development using existing mills.

Deal terms and resource details

US Antimony acquired the Fostung properties in Ontario for $5mn in cash. Sellers retain a combined 1pc net smelter return royalty, plus a prior 1pc NSR. The project hosts 12.4mn t at 0.213pc tungsten trioxide, inferred category. The company expects rapid, inexpensive development using Canadian infrastructure.

North American tungsten supply implications

No commercial tungsten production operates today in the US or Canada. However, the US Antimony tungsten project in Canada could narrow the regional gap. China produced 83pc of global tungsten in 2024 under export controls. As a result, diversified North American supply becomes strategically important.

The company sees demand from machining, mill products, and furnace components. Meanwhile, the Fostung resource offers grade and scale for early optionality. Therefore, US Antimony plans to process ore through established Canadian milling capacity. This approach lowers capex and accelerates time to market.

US Antimony tungsten project in Canada aligns with reshoring trends. Transition Metals and 1930153 ON keep royalties, aligning long-term interests. The company has not disclosed a start date, preserving flexibility as studies advance.

The Metalnomist Commentary

Fostung gives US Antimony leverage in a constrained tungsten market. If processing routes lock in, this project could become a key North American swing supplier as policy and pricing evolve.

China Resumes Antimony Metal Exports to Japan: A Strategic Economic Move

Antimony Metal

Strategic Export Approval Enhances Japan-China Trade Relations

In January, the Chinese government marked a significant policy shift by approving the export of 20 tons of antimony metal to a Japanese company. This decision represents the first such export license issued since the imposition of new restrictions on dual-use items last September. The selected Japanese company boasts a long-standing operational history and strong ties with Chinese suppliers, illustrating a targeted approach in international trade relations.

Potential Expansion of Export Licenses to Major Global Players

Currently, China has granted export licenses to only two firms for selling antimony to Japan. However, indications from market insiders suggest a broader expansion. Prominent global companies like LG and Samsung, along with various plastic producers across Japan, South Korea, and Taiwan, are likely candidates for future licenses. This strategic move could significantly impact global supply chains and metal markets.

Market Implications and Future Prospects Amidst Export Controls

Following a temporary suspension, China resumed its antimony export channels on October 30. Despite a noticeable drop in exports during the last quarter of the previous year, recent increases in antimony trioxide shipments indicate a possible resurgence in trade activities. The ongoing restrictions still affect exports to certain nations, including the U.S., maintaining a two-tier price structure that sees international prices soaring above domestic levels. The potential normalization of export flows could narrow these regional price disparities.

China Imposes Export Restrictions on Key Metals to the US Amid Trade Tensions

China's ministry of commerce

China has announced a significant decision to suspend exports of several critical metals to the United States, escalating trade tensions between the two global economic powerhouses. Effective immediately, exports of gallium, germanium, and antimony are halted, and stricter inspections are enforced on graphite exports, as per the directives issued by China's Ministry of Commerce on December 3rd.

Trade Implications and US Reliance on Chinese Metals

China, categorizing these materials as "dual-use" items, indicates their potential use in both civilian and military applications. The immediate prohibition of gallium and germanium exports could severely impact the US economy, given its substantial reliance on these metals for various technological and industrial applications. According to the US Geological Survey, a complete cessation could lead to a sharp decline in the US Gross Domestic Product (GDP) by approximately $3.1 billion within a year, potentially reaching $3.4 billion if germanium exports are also completely halted.

The US has been heavily dependent on Chinese supplies of these metals, with antimony imports from China constituting 22% of total US imports from January 2022 to October 2024. Antimony trioxide imports from China during the same period accounted for 69% of the total US intake.

Global Supply Chain and Economic Ramifications

This strategic move by Beijing is a direct countermeasure against the United States' third crackdown on China's semiconductor industry, which involved placing restrictions on semiconductor exports to 140 Chinese companies just a day before, on December 2nd. These restrictions by the US have been described by China's commerce ministry as a politicization and weaponization of economic and technological issues, severely undermining the stability of global supply chains and international trade rules.

China's stern response also includes new legislations passed in late October and a comprehensive list issued in mid-November aimed at controlling exports of dual-use items. With the new measures, exports to any US buyers with military end-use are explicitly prohibited.